Strettons raised £13m at its 10 December sale, selling 70% of the properties on offer.
Despite difficult market conditions in the auctions sector, Strettons said the strong performance meant it had exceeded its 2017 totals, both in terms of the amount raised – currently £63m – and the number of properties offered, which was up by 30%. The firm has ended the year with an average success rate of 75%.
The highest price achieved at the 10 December sale was £2m for a vacant freehold place of worship in Forest Gate, E7. Other notable sales included two houses in Hove, East Sussex, which sold prior for in excess of £1.5m; a pair of commercial units in Bishops Stortford, Essex, which sold for £484,000 against a guide of £425,000-£450,000; and a freehold commercial investment in High Wycombe, Buckinghamshire, which sold for £336,000 – a gross yield of 6.85%.
There was further evidence that tax changes targeting second-home owners have affected the buy-to-let market, with some of the residential lots struggling to reach reserve. However, several exceeded guide, including a vacant freehold house in Tottenham, N15, which sold for £420,000 off a guide of £390,000-plus; another in Leyton, E10, which sold for £425,000 off a guide of £390,000-£400,000; and house in Canning Town, E16, which sold for £380,000 off a guide of £350,000-plus.
Auctions director Philip Waterfield said: “Given the hesitation in the market resulting from the broader economic and political environment, I am pleased with the results of our December auction and to have exceeded our 2017 performance, both in terms our sales total and number of lots offered.
“As auctioneers with a strong London focus, we might have been impacted by Brexit stagnation more significantly, but our team has worked hard to produce diverse catalogues for each sale which have appealed to a broad range of investors. A busy room at our December auction and the number of post-event sales show that there is still healthy interest in the auctions sector and hopefully, regardless of potential fallout from Brexit, this will continue into the new year.”
Strettons’ first sale of 2019 will be held on 6 February.
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